Many investors see Duterte as the Philippines’ Lee Kuan Yew

There seems to be a disconnect between some elements of the Western media, who paint a dark, grim scenario of the Philippines due to the ongoing war on illegal drugs, and the generally bullish sentiments of businesspeople, who are optimistic about the Philippines’ future under the iron-fisted, Lee Kuan Yew-style governance of President Rody Duterte. During his heyday, Singapore statesman Lee Kuan Yew also often clashed with Western media over his draconian policies.

EastWest Bank president Tony Moncupa told Reuters: “We are in a very good spot. The pronouncement of government prioritizing infrastructure spending, accelerating it and cutting red tape, solving peace and order, I think all point to very good prospects ahead.”

Weeding Out Bad Miners From Good

Philex Mining SVP Atty. Mike Toledo recently expressed confidence that the sincere anti-corruption drive of President Duterte and his DENR Secretary Gina Lopez will weed out the bad miners from the many good and ethical miners, thus giving hope to this important industry. The miners are hopeful that the Philippines will benefit from $34 billion in projects to be developed in the next six years.

Atty. Toledo said that the Philippines has been blessed by God with some of the world’s richest mineral resources, that environmentally sound mining can unleash this natural wealth to enrich far-flung rural areas and can support Duterte’s dream of Philippine industrialization.

Tourism Boom Coming?

Mang Inasal and DoubleDragon founder Edgar “Injap” Sia II (ranked by Forbes magazine as the No. 17 wealthiest in the Philippines) is bullish about the Philippine economy’s future, expanding the company’s CityMalls and has invested with Shanghai’s Jinjiang Inn brand to already open two hotels. Jinjiang Inn plans to open in 15 key Philippine cities in the next five years.

Another publicly listed dynamo, Anchor Land Holdings Inc., is planning to build 1,000 hotel rooms over the next five years with hotels in Boracay, Palawan and Tagaytay. Anchor Land vice chairman Steve Li said they’re also building the country’s largest Chinese restaurant.

Are young tycoons Sia and Li optimistic that President Duterte can finally restore and normalize Philippine-China relations, so that we can compete with our ASEAN neighbors for the world’s biggest and richest market for tourists? In 2015 Thailand attracted eight million affluent Chinese tourists. That year, the number of Chinese outbound tourists climbed 14.5 percent to 35.4 million worldwide and they spent $235 billion.

Other bullish investors in Philippine tourism are architect Ramon Licup and wife Elena, the prime movers behind Princesa Garden Island Resort and Spa in Puerto Princesa City, Palawan, as well as the Elan Hotel in Greenhills and the Makati Palace Hotel.

Billionaires To Share Success Stories With Young Entreps

On Sept. 9 starting at 1 p.m. at the Grand Ballroom of Marriott Hotel, top business leaders like Jon Ramon Aboitiz of the Aboitiz family (ranked by Forbes as the Philippines’ No. 3 wealthiest with a net worth of $5 billion); Edgar Saavedra, the self-made young Chinese construction tycoon of publicly listed Megawide (ranked No. 37 wealthiest by Forbes with a net worth of $255 million) and his business partner Michael Cosiquien (ranked No. 35 with a net worth of $265 million); Jojo Concepcion of top appliance producer Concepcion Industries (the family is ranked No. 30 wealthiest with a net worth of $450 million); and self-made information-technology tycoon Dado Banatao of California will share their success stories and why they’re investing more in the Philippines now.

The public is welcome to attend this annual Anvil Business Summit organized by the young Filipino-Chinese entrepreneurs of the Anvil Business Club led by the trimumvirate of chairman emeritus George T. Siy of Marie France/Facial Care Center/Svenson, chairman Eduardo “Eddie” Cobankiat of the construction industry, and president Marcelo Co of Hobe noodles. Anvil officers say their speakers are role models for local investors to emulate.

At a recent edition of the non-partisan Pandesal Forum of Kamuning Bakery Cafe in Quezon City, the three Anvil officers told media that local investors are leading the way in supporting Philippine economic development and that they are confident President Duterte’s bold reforms can bring about more inclusive economic growth. They said this Anvil Business Summit hopes to encourage more young and SME entrepreneurs to invest in the economy now.

Bullish On Movies, Burgers And Solar Energy

On her 77th birthday, Mother Lily Monteverde donated P1 million to Mowelfund, led by actress Boots Anson Roa Rodrigo, and told me that she’s going to keep producing many Regal films every year. While others half her age are dreaming of retirement, Mother Lily is still thinking of new projects to undertake. Although the youngest of 12 kids of the late copra tycoon Domingo Yu Chu, Mother Lily didn’t get to inherit his wealth when she married his dealer’s son, Remy Monteverde, of the less wealthy but no less entrepreneurial Monteverde-Dy family.

Mother Lily founded and has been the prime mover of Regal Films ever since, at one time also helping the late Geny Lopez in rebuilding ABS-CBN 2 and cofounding their Star Cinema filmmaking outfit.  The late Lopez patriarch once gifted Mother Lily with a special diamond ring.

Another entrepreneur bullish about the Philippine economy is chef-turned-entrepreneur and Zark’s Burgers owner Zark Varona, whose gourmet hamburger chain is opening branches with their popular large-sized burgers. On the issue of ending the “endo” or contractual system, this young entrepreneur hopes politicians can dialogue with SME entrepreneurs to come up with a win-win solution beneficial for employees, the economy and businesspeople.

Bacolod-born ethnic Chinese entrepreneur Bonnie Chan Gamboa of the Hexagon Group of Companies has a unique way of celebrating the anniversary of his business group, giving away college scholarships in memory of his late Chinese immigrant father, Simplicio Gamboa Sr., through the SGS Foundation. Poor but deserving students are welcome to apply for scholarships.

Not only are private businesses optimistic about the Philippine future, even non-governmental organizations like the global environmental NGO Greenpeace are. Yeb Saño, executive director of Greenpeace Southeast Asia, said at a recent Pandesal Forum that lower costs and technological advances are making solar energy more viable and practical for homes and small businesses in the Philippines. Saño pointed out that financing options are now available. At present, the Philippines produces 29 percent of its electricity requirements through renewable sources, with the Department of Energy hoping to increase this to 40 percent by 2020.

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